Mar. 4, 2010 (FreeRateUpdate.com) – Current 30 year fixed mortgage rates are once again approaching 4.625. Today mortgage-backed securities prices, which move mortgage rates in the opposite direction, posted gains of +6/32 (FNMA 30-yr 4.5 at 101.14). As a result most lenders’ re-priced favorably making 4.75 on a 30 year fixed mortgage less expensive for consumers. Any substantial gain in MBS prices now could change mortgage rates for the better. The 30 year fixed rate hasn’t been at 4.625 since late last year.
The benchmark 10 year treasury yield, used by some to forecast mortgage rates, is at 3.6 down -0.01 on the day. The yield dipped below 3.2 when 30 year mortgage rates were verified at 4.5%, an all time record low.
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Jumbo mortgage rates, for true jumbo loans exceeding conforming jumbo limits, are at 5.625 30 years fixed. 5.5 is available to consumers with extremely low loan to value ratios.
FHA mortgage rates are nearly identical to conforming rates. FHA loans come with significantly higher fees, mostly from up front costs charged by FHA. MI is associated with all FHA loans as well. MI is an up front fee charged as a percentage of the amount financed and will be increased to 2.25% of the loan amount of April 5th of this year.
To determine the most accurate mortgage rates FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets on a daily basis. All mortgage rates reported in this article are available to well qualified consumers at the standard .07 to 1 point origination.
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